EASYOFFICE
EASYOFFICE


Kapil Tiwari
This Query has 3 replies

This Query has 3 replies

A business person states that he is investing 1 lakh each in 3 PPF accounts. The accounts are in his name, his spouse's name and in the name of 1 major son. Hence, he invests 3 lakhs total per annum! He invest from his account and is not claiming any Income Tax benefit (except from the one lakh that he invests in his own name). Hence, for the balance 2 lakhs that he invests in the name of his spouse and major son, he does not claim any income tax benefit. He is doing it to get a tax free retirement income for himself and to give a decent amount to his grand children. Is it permitted officially?

I am aware that 1 lakh is the maximum investment per year allowed in one's own account plus his minor child's account. But I was not aware that one could invest additional one lakh each in a major son's account and spouse's account. So, if this person had a spouse and 3 major children, he could invest upto 4 lakhs per year and he could amass a huge tax-free retirement corpus!!



Anonymous
This Query has 1 replies

This Query has 1 replies

19 February 2013 at 17:29

Hra (rent) & intrerest of home loan.

Dear Sir,

Our one employee has taken home loan but not take the possession of home. he lived on rented house.

my query is that can he take the benefit of both -home loan interest & HRA (rent) ???

Please suggest.

Regards,

Rajendra


dhaval shah
This Query has 1 replies

This Query has 1 replies

19 February 2013 at 12:26

Nri transactions

HELLO SIR

MY CLIENT IS PURCHASING IMMOVABLE PROPERTY FROM NRI FOR APPROX 47 LAC.

NOW MY QUERY IS (PURCHASER'S POINT OF VIWE)
1. ON WHAT AMOUNT TDS HE NEED TO DEDUCTED ?
2. CAN HE APPLY FOR LOWER DEDUCTION ?
3. CAN HE PAY ADVANCE TAX ON BEHALF OF NRI (INCASE NON HOLDING OF TAN NO.)


THANK YOU



Anonymous
This Query has 1 replies

This Query has 1 replies

15 February 2013 at 17:12

Tds

on 30/12/2012 i had acquired service value of 336563/- & for that i had made part payment of 268620 on 23/12/2012. Remaining amount paid in 9/1/2013. now when can i deduct tds & remit the same to Government


Ajaykumar Chaudhary
This Query has 1 replies

This Query has 1 replies

14 February 2013 at 12:29

More than one housing loan benefit

DEAR EXPERTS,

I want to know that how to decide National Rent amount when person have more than one housing loan to get benefit of house property loss. Can claim interest more than 1.5 lakh & capital repayment 1 lakh?


Usha Rani
This Query has 7 replies

This Query has 7 replies

12 February 2013 at 22:57

Regarding tds

sir
I am a hindi mistress in dev samaj sr. sec. school moga. sir i received arrear installment of40% near about Rs. 88060. my employer deducted tds Rs. 8806. Balance amount 79250 the employer said you purchase Nsc of Rs. 39625. but he deduct our tax. then Nsc purchasing must or not plze remove my confusion



Anonymous
This Query has 1 replies

This Query has 1 replies

12 February 2013 at 00:19

Can proprietor sell to son

Dear Sir,
Can a builder proprietor sell a couple of his flats to his sons? There is already family partition. Is is ok as per hindu succesion laws? will or will not I.T. Dept frown upon this.Can it say that what was the need for proprietor to sell something which after his life was afterall his sons property.

Thanks!



Anonymous
This Query has 3 replies

This Query has 3 replies

11 February 2013 at 22:00

Wrong submit online return

i have wrongly submitted online itr return . Figure related to A.Y. 2012-13, wrongly fill up to A.y. 2011-12. But not send acknoledgment to bengluru. how will treat case by cpc bengluru, if i not send Acknoledgement? urgent help me


Martin
This Query has 15 replies

This Query has 15 replies

1. Should I surrender Existing PAN Card first and then Apply for new PAN Card

OR

Should I apply new PAN Card and then surrender the existing one.

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2. I have a only one PAN CARD in Gujrat jusdiction and I am in bangalore. I want to get rid of my old pan card and want to get the new one.

In case of having only one card, I need to contact to Assessing Officer so should I go to Gujrat again for surrendering again?

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3. I do not want to face the AO, So can I apply for new PAN Card in Bangalore and once I recieve the same, based on having two PAN Card, Can I submit the old

PAN card to any TIN-FC Centerto surrender?

Is there any thing illegal or panelty imposed on such transaction?

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4. What could be good reason to mention for surrendering the PAN Card in case of point no. 3.

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biswajit das
This Query has 1 replies

This Query has 1 replies

06 February 2013 at 14:27

Income tax

A salaried person going to purchased a re-sale flat,80% to be financed and 20% by cheque, this 20%(2 Lakh) can paid by cash?
Is there any issue for cash transaction.
What is limit of cash trancaction in a year.
Please advice